The company anticipates PNJ's core business to sustain positive growth, expand market share, and fully utilize the potential of Vietnam's jewelry retail market. Earlier this year, PNJ had initially proposed a business plan targeting 48,660 billion dong in revenue.

Beyond adjusting its revenue target, PNJ plans to allocate a 7,071 billion dong provision for its buyback policy. This adjustment, based on prudent accounting principles, is an estimate for potential losses.

Consequently, the company will present to its General Meeting of Shareholders a projected 2026 after-tax loss of 6,271 billion dong (a pre-tax loss of 6,059 billion dong). However, excluding the loss provision from the buyback policy, PNJ estimates an after-tax profit of approximately 800 billion dong.

The company clarified that the 7,071 billion dong provision is not an immediate cash outflow. Instead, it is an estimated allocation based on prudent accounting principles, reflecting the maximum potential cost from the buyback policy for sold goods, considering customer resale demand. The actual expenditure will depend on real buyback needs and may be considerably lower than the allocated figure.

PNJ accelerates the upgrade of its jewelry retail system. Photo: Minh Truong

The company reported continuous innovation in retail operations, developing modern marketing campaigns, and launching new collections for year-end holidays. These strategies aim to reach diverse customer demographics and segments.

However, amidst fluctuations in the gold jewelry market and evolving customer behavior, PNJ is initiating a comprehensive system overhaul. The company stated that this reconstruction will focus on strengthening financial health, enhancing governance and risk control, restructuring business operations, reinforcing customer and market trust, and building organizational capabilities for the future.

Strategically, the company added that the decision to make a full provision within one year, rather than gradually allocating it to mitigate short-term profit impact, reflects a management philosophy of transparent information, full liability recognition, and establishing a foundation for the next growth cycle. This approach is a common practice among global corporations during periods of restructuring and subsequent robust recovery.

PNJ continues to expand its customer base. Photo: Minh Truong

PNJ stated its commitment to confronting current realities, fully acknowledging financial impacts, maintaining market transparency, and proactively implementing necessary decisions. To secure adequate resources for this reconstruction, the company plans to raise a maximum of 8,000 billion dong through various channels. The Board of Directors will present detailed plans on capital structure, conditions, and the fundraising roadmap to an extraordinary General Meeting of Shareholders on 21/10.

Hoai Phuong